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Oman Oil Company (OOC) has signed an MoU with fellow GCC state firm Kuwait Petroleum for joint development of a 230,000 b/d refinery at Duqm in Oman (see map, p9).
The firms are to be equal partners in the Duqm Refinery & Petrochemical Industries (DRPIC) JV to build, own and operate the refinery and later a petchems complex.
The MoU effectively marks the end of Abu Dhabi’s interest. Abu Dhabi state investment fund IPIC originally signed up with OOC to take 50% of Duqm. IPIC’s website still lists Duqm among its projects. IPIC has made no comment on the new deal. Abu Dhabi is shaking up its oil and investment sectors in response to low oil prices, giving upstream oil firm Adnoc control over the downstream and merging IPIC with fellow investment house Mubadala (MEES, 8 July). (CONTINUED - 250 WORDS)